The title of this post came from a Facebook posting by the Joel Osteen Ministry. It got me to thinking about how many people are wondering about how they will handle the escalating portage payment.
Perhaps it was one of those adjustable rate mortgages that started with a “teaser rate” and now the adjustment has placed you in a desperate looking situation. Regardless of the cause, don’t let the circumstance control you as there are options.
Options, such as:
- Call your lender. Speak with the loss mitigation department about a loan modification or forbearance or something.
- Insider a short sale. If you are in a situation where you will never be able to afford your home, a short sale may be something to look into.
A short sale is a situation where the selling price of a property will be less than the mortgage owed and will require lender approval of a sales contract.
The short sale process can be cumbersome but with the right team working with you, it can go smoothly.
If you would like to discuss a short sale, please give me a call or drop me an email. I can be reached at 321-693-3850 or by email to firstname.lastname@example.org.
Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida.